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OFZs end stronger

Longer dated OFZs closed 40-60bp stronger yesterday; in particular, RFLB 28 advanced 45bp and closed at a yield of 7.77%. Bonds on the belly of the curve only gained 10-15bp, while the front end note actually slipped 5bp, price-wise. Therefore, the OFZ curve flattened marginally. In the morning, the market traded even stronger, but locals sold paper into that move. So, on average the curve tightened 2-4bp. Also, the lacklustre performance of front end bonds probably suggests that market participants do not expect any rate cut today (in line with us).
Maxim Korovin, Anton Nikitin
VTB Capital analyst


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